The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Chris Burniske, trader, crypto investor: "Why is crypto falling so much in 2018? Because in 2017 the market was up more than 30 times, but adoption (beyond investing & trading) wasn’t concurrently up 30 times. One can try to explain each fluctuation, but these explanations are frequently stories we tell ourselves, stretching to add reason to traders driving a bear market. The macro story I tell myself is ‘financial reality’ divorced from utility fundamentals in 2017, and so we have to (expectedly) course correct."
After started bearish on Monday, Bitcoin increased to its mid-August levels closing at $6,468 on Thursday. It is connected with the news about Morgan Stanley. The famous bank announced that it is working on a solution to protect the Bitcoin investors. Moreover, other big financial institutes, such as Citigroup and BlackRock, are planning to launch crypto-related products. The market reacted positively, which resulted in pushing the price of BTC up. Up to now, the digital currency has been trying to reach the 200-period MA on H4 at $6,605. If it breaks the resistance level, the future growth could be expected. The next resistance level is at $7,125. Otherwise, BTC/USD will go back to the support at $6,180.
- The People’s bank of China launched testing of a new trade and finance blockchain platform in Shenzhen;
- French authorities approved the government program of ICOs regulation. The projects succeeded the registration get a right to open a bank account;
- The US court officially declined to proceed the case of Mt.Gox trading system and advised to apply to Japan;
- The US SEC at the first time closed a crypto hedge fund called Crypto Asset Management, as it proclaimed itself as an “official crypto fund”
- The United Arab Emirates is planning to equal tokens to shares;
- NASDAQ is developing an instrument for forecasting the rates of crypto currencies for institutional investors;
- Coinbase, Protocol Labs, Digital Currency Group and other crypto and blockchain companies created the Blockchain Association for the protection of industry’s interests.
Bitcoin $6,437.7 (-0.43%)
DASH $185.54 (-2.62%)
Ethereum $205.79 (+6.02%)
Litecoin: $53,300 (-0.28%)
Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
Bears finally took over the cryptomarket and pulled the price for BTC down.
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